HAB.DE unable to break through key resistance level

Hamborner REIT (HAB.DE) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team


HAB.DE rises to highest close since February 7th
HAB.DE unable to break through key resistance level
HAB.DE closes higher for the 4th day in a row
HAB.DE closes within previous day's range


Moving higher for the 4th day in a row, HAB.DE ended the week 1.45% higher at 9.11 after gaining €0.03 (0.33%) today on high volume, slightly underperforming the SDAX (0.65%). Today's close at 9.11 marks the highest recorded closing price since February 7th. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (HAB.DE as at Mar 15, 2019):

Daily technical analysis candlestick chart for Hamborner REIT (HAB.DE) as at Mar 15, 2019

Friday's trading range has been €0.08 (0.88%), that's slightly below the last trading month's daily average range of €0.08. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HAB.DE.

Unable to break through the key technical resistance level at 9.13 (R1), the market closed below it after spiking up to 9.16 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on Wednesday, HAB.DE actually gained 0.89% on the following trading day.

With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 8.97.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Hamborner REIT. Out of 56 times, HAB.DE closed lower 57.14% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 50.00% with an average market move of -0.19%.

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